Synthetix Network update: SNX Live price, price chart, news and markets

The Synthetix Network Token (SNX) is a unique decentralized finance (DeFi) protocol that operates on the Ethereum (ETH) blockchain. By utilizing synthetic assets (synths), users can gain exposure to a diverse range of both crypto and non-crypto assets. These synths facilitate the tracking and earning of returns on underlying assets, all without the need for ownership.

With the goal of expanding the cryptocurrency market, Synthetix aims to introduce non-blockchain assets and provide access to a wider array of financial opportunities.

What Makes the Synthetix Network Token Stand Out?

The Synthetix Network Token (SNX) functions as both a decentralized exchange (DEX) and a platform for synthetic assets. Users can gain exposure to underlying assets through the use of synths, thereby eliminating the requirement of direct asset ownership.

One of the distinctive features of this platform is its autonomous trading and exchange capabilities for synths. Additionally, Synthetix offers a staking pool where SNX token holders can stake their tokens and receive a portion of the transaction fees generated on the Synthetix Exchange.

To accurately track the value of underlying assets, the platform utilizes oracles, which are smart contract price delivery protocols. This ensures seamless trading of synths, free from liquidity or slippage issues, while also removing the need for third-party intermediaries.

SNX tokens serve a critical role as collateral for the creation of synthetic assets. When synths are issued, SNX tokens are locked within a smart contract.

In order to enhance scalability and reduce transaction costs, the protocol has migrated to the Optimistic Ethereum mainnet, resulting in lower gas fees and oracle latency.

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